SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2024
Sit International Growth Fund
Investments are grouped by geographic region.
Name of Issuer | Quantity | Fair Value ($) | ||||||
Common Stocks - 97.4% | ||||||||
Asia - 20.0% | ||||||||
Australia - 5.2% | ||||||||
Atlassian Corp. * | 1,825 | 356,076 | ||||||
BHP Group, Ltd., ADR | 4,200 | 242,298 | ||||||
Lynas Rare Earths, Ltd. * | 46,625 | 172,880 | ||||||
Macquarie Group, Ltd. | 2,225 | 289,549 | ||||||
Rio Tinto, PLC, ADR | 4,400 | 280,456 | ||||||
Westpac Banking Corp. | 4,425 | 75,261 | ||||||
Woodside Energy Group, Ltd., ADR | 1,517 | 30,295 | ||||||
|
| |||||||
|
1,446,815 |
| ||||||
|
| |||||||
China/Hong Kong - 2.4% | ||||||||
AIA Group, Ltd. | 32,200 | 216,192 | ||||||
Baidu, Inc., ADR * | 1,075 | 113,176 | ||||||
Budweiser Brewing Co. APAC, Ltd. 4 | 45,100 | 66,380 | ||||||
ENN Energy Holdings, Ltd. | 18,400 | 141,757 | ||||||
Ping An Insurance Group Co. of China, Ltd. | 33,500 | 141,458 | ||||||
|
| |||||||
|
678,963 |
| ||||||
|
| |||||||
India - 0.5% | ||||||||
HDFC Bank, Ltd., ADR | 2,400 | 134,328 | ||||||
|
| |||||||
Japan - 7.2% | ||||||||
Keyence Corp. | 1,000 | 463,007 | ||||||
Recruit Holdings Co., Ltd. | 11,200 | 490,453 | ||||||
Shiseido Co., Ltd. | 4,100 | 111,858 | ||||||
Sony Group Corp., ADR | 6,300 | 540,162 | ||||||
Terumo Corp. | 21,600 | 393,745 | ||||||
|
| |||||||
|
1,999,225 |
| ||||||
|
| |||||||
Singapore - 2.6% | ||||||||
DBS Group Holdings, Ltd. | 15,600 | 416,270 | ||||||
Singapore Technologies Engineering, Ltd. | 104,800 | 312,013 | ||||||
|
| |||||||
|
728,283 |
| ||||||
|
| |||||||
South Korea - 2.1% | ||||||||
LG Chem, Ltd. | 975 | 318,663 | ||||||
Samsung Electronics Co., Ltd., GDR 4 | 185 | 275,095 | ||||||
|
| |||||||
|
593,758 |
| ||||||
|
| |||||||
Europe - 64.6% | ||||||||
Belgium - 0.8% | ||||||||
D’ieteren Group | 350 | 77,634 | ||||||
UCB SA | 1,200 | 148,105 | ||||||
|
| |||||||
|
225,739 |
| ||||||
|
| |||||||
Denmark - 1.7% | ||||||||
Novo Nordisk A/S, ADR | 3,725 | 478,290 | ||||||
|
| |||||||
France - 9.8% | ||||||||
AXA SA | 11,750 | 441,332 | ||||||
Dassault Systemes SE | 11,700 | 518,029 | ||||||
Elis SA | 8,125 | 184,605 | ||||||
Forvia SE * | 7,166 | 108,660 | ||||||
Safran SA | 2,590 | 586,926 | ||||||
Schneider Electric SE | 3,970 | 897,938 | ||||||
|
| |||||||
|
2,737,490 |
| ||||||
|
| |||||||
Germany - 7.4% | ||||||||
Allianz SE | 2,250 | 674,335 |
Name of Issuer | Quantity | Fair Value ($) | ||||||
Deutsche Post AG | 6,550 | 282,058 | ||||||
Infineon Technologies AG | 4,100 | 139,400 | ||||||
Muenchener Rueckversicherungs AG | 800 | 390,371 | ||||||
Siemens AG | 3,100 | 591,831 | ||||||
|
| |||||||
|
2,077,995 |
| ||||||
|
| |||||||
Ireland - 4.2% | ||||||||
Accenture, PLC | 550 | 190,636 | ||||||
Aptiv, PLC * | 1,225 | 97,571 | ||||||
CRH, PLC | 4,800 | 414,048 | ||||||
Linde, PLC | 500 | 232,160 | ||||||
STERIS, PLC | 1,175 | 264,163 | ||||||
|
| |||||||
|
1,198,578 |
| ||||||
|
| |||||||
Netherlands - 5.7% | ||||||||
Adyen NV *, 4 | 84 | 142,097 | ||||||
ASML Holding NV | 1,025 | 994,732 | ||||||
Stellantis NV | 16,375 | 463,413 | ||||||
|
| |||||||
|
1,600,242 |
| ||||||
|
| |||||||
Spain - 2.7% | ||||||||
Cellnex Telecom SA 4 | 5,200 | 183,840 | ||||||
Iberdrola SA | 45,900 | 569,224 | ||||||
|
| |||||||
|
753,064 |
| ||||||
|
| |||||||
Sweden - 1.5% | ||||||||
Evolution AB, ADR | 1,725 | 214,806 | ||||||
Hexagon AB | 16,200 | 191,754 | ||||||
|
| |||||||
|
406,560 |
| ||||||
|
| |||||||
Switzerland - 9.3% | ||||||||
Logitech International SA | 2,325 | 207,785 | ||||||
Lonza Group AG | 590 | 353,405 | ||||||
Nestle SA | 3,600 | 382,214 | ||||||
Novartis AG | 1,325 | 128,364 | ||||||
On Holding AG * | 8,625 | 305,153 | ||||||
Partners Group Holding AG | 490 | 699,806 | ||||||
TE Connectivity, Ltd. | 1,100 | 159,764 | ||||||
Zurich Insurance Group AG | 680 | 366,673 | ||||||
|
| |||||||
|
2,603,164 |
| ||||||
|
| |||||||
United Kingdom - 21.5% | ||||||||
Ashtead Group, PLC | 2,000 | 142,370 | ||||||
AstraZeneca, PLC, ADR | 10,125 | 685,969 | ||||||
BAE Systems, PLC | 48,500 | 826,087 | ||||||
Coca-Cola Europacific Partners, PLC | 5,400 | 377,730 | ||||||
Compass Group, PLC | 10,625 | 311,522 | ||||||
Diageo, PLC, ADR | 1,840 | 273,682 | ||||||
Entain, PLC | 27,600 | 277,777 | ||||||
Glencore, PLC, ADR | 14,500 | 158,775 | ||||||
London Stock Exchange Group, PLC | 5,100 | 610,868 | ||||||
Man Group, PLC | 93,600 | 315,899 | ||||||
Reckitt Benckiser Group, PLC | 3,100 | 176,539 | ||||||
RELX, PLC | 9,750 | 422,329 | ||||||
Rentokil Initial, PLC | 47,250 | 281,306 | ||||||
Shell, PLC, ADR | 12,250 | 821,240 | ||||||
Smith & Nephew, PLC | 25,250 | 316,016 | ||||||
|
| |||||||
|
5,998,109 |
| ||||||
|
|
MARCH 31, 2024 | 1 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2024
Sit International Growth Fund (Continued)
Name of Issuer | Quantity | Fair Value ($) | ||||||
Latin America - 1.5% | ||||||||
Argentina - 1.5% | ||||||||
Globant SA * | 2,050 | 413,895 | ||||||
|
| |||||||
North America - 11.3% | ||||||||
Canada - 4.7% | ||||||||
Alimentation Couche-Tard, Inc. | 7,400 | 422,350 | ||||||
Colliers International Group, Inc. | 1,600 | 195,568 | ||||||
Lululemon Athletica, Inc. * | 600 | 234,390 | ||||||
Waste Connections, Inc. | 2,750 | 473,027 | ||||||
|
| |||||||
|
1,325,335 |
| ||||||
|
| |||||||
United States - 6.6% | ||||||||
Broadcom, Inc. | 1,025 | 1,358,545 | ||||||
Euronet Worldwide, Inc. * | 1,375 | 151,154 | ||||||
Mondelez International, Inc. | 4,800 | 336,000 | ||||||
|
| |||||||
|
1,845,699 |
| ||||||
|
| |||||||
Total Common Stocks | 27,245,532 | |||||||
|
| |||||||
Investment Companies 0.6% | ||||||||
iShares MSCI India ETF | 3,200 | 165,088 | ||||||
|
| |||||||
Short-Term Securities - 1.3% | ||||||||
Fidelity Inst. Money Mkt. Gvt. Fund, 5.25% | 363,493 | 363,493 | ||||||
|
| |||||||
Total Investments in Securities - 99.3% | 27,774,113 | |||||||
Other Assets and Liabilities, net - 0.7% | 194,397 | |||||||
|
| |||||||
Net Assets - 100.0% | $27,968,510 | |||||||
|
|
* | Non-income producing security. |
4 | 144A Restricted Security. The total value of such securities as of March 31, 2024 was $667,412 and represented 2.4% of net assets. These securities have been determined to be liquid by the Adviser in accordance with guidelines established by the Board of Directors. |
ADR — American Depositary Receipt |
GDR — Global Depositary Receipt |
PLC — Public Limited Company |
Numeric footnotes not disclosed are not applicable to this Schedule of Investments.
Portfolio Structure - By Sector | (% of Total Net Assets) | |
Finance | 17.6% | |
Producer Manufacturing | 12.9 | |
Electronic Technology | 12.9 | |
Health Technology | 9.9 | |
Technology Services | 8.5 | |
Consumer Non-Durables | 7.2 | |
Consumer Services | 4.7 | |
Non-Energy Minerals | 4.5 | |
Consumer Durables | 3.6 | |
Energy Minerals | 3.0 | |
Utilities | 2.5 | |
Commercial Services | 2.4 | |
Retail Trade | 2.3 | |
Process Industries | 2.0 | |
Industrial Services | 1.7 | |
Transportation | 1.0 | |
Communications | 0.7 | |
Investment Companies | 0.6 | |
Short-Term Securities | 1.3 | |
| ||
99.3 | ||
Other Assets and Liabilities, net | 0.7 | |
| ||
100.0% | ||
|
2 |
SCHEDULE OF INVESTMENTS (Unaudited)
March 31, 2024
Sit International Growth Fund (Continued)
A summary of the levels for the Fund’s investments as of March 31, 2024 is as follows:
Investment in Securities | ||||||||||||||||
Level 1 Quoted Prices ($) |
Level 2 Other significant observable inputs ($) |
Level 3 Significant | Total ($) | |||||||||||||
Common Stocks | ||||||||||||||||
Argentina | 413,895 | — | — | 413,895 | ||||||||||||
Australia | 1,446,815 | — | — | 1,446,815 | ||||||||||||
Belgium | 225,739 | — | — | 225,739 | ||||||||||||
Canada | 1,325,335 | — | — | 1,325,335 | ||||||||||||
China/Hong Kong | 678,963 | — | — | 678,963 | ||||||||||||
Denmark | 478,290 | — | — | 478,290 | ||||||||||||
France | 2,737,490 | — | — | 2,737,490 | ||||||||||||
Germany | 2,077,995 | — | — | 2,077,995 | ||||||||||||
India | 134,328 | — | — | 134,328 | ||||||||||||
Ireland | 1,198,578 | — | — | 1,198,578 | ||||||||||||
Japan | 1,999,225 | — | — | 1,999,225 | ||||||||||||
Netherlands | 1,600,242 | — | — | 1,600,242 | ||||||||||||
Singapore | 728,283 | — | — | 728,283 | ||||||||||||
South Korea | 593,758 | — | — | 593,758 | ||||||||||||
Spain | 753,064 | — | — | 753,064 | ||||||||||||
Sweden | 406,560 | — | — | 406,560 | ||||||||||||
Switzerland | 2,603,164 | — | — | 2,603,164 | ||||||||||||
United Kingdom | 5,998,109 | — | — | 5,998,109 | ||||||||||||
United States | 1,845,699 | — | — | 1,845,699 | ||||||||||||
Investment Companies | 165,088 | — | — | 165,088 | ||||||||||||
Short-Term Securities | 363,493 | — | — | 363,493 | ||||||||||||
Total: |
|
27,774,113 |
|
|
— |
|
|
— |
|
|
27,774,113 |
|
Level 1 securities of foreign issuers are primarily American Depositary Receipts (ADRs), Public Limited Companies (PLCs) or Global Depositary Receipts (GDRs). There were no transfers into or out of level 3 during the reporting period.
For additional information about significant accounting policies, including valuation of investments, refer to the Fund’s most recent annual report.
MARCH 31, 2024 | 3 |